HSBC has launched a facial recognition technology for its customers in China that will allow them to pay with a selfie.
In order to make payments using the service, a customer has to blink into his/her camera through the selfie mode. Transactions will be authenticated after matching the selfie with a photo already present on the database.
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Customers will be allowed to transfer up to RMB50,000 (around$7,600) daily.
China is the first country where the selfie payment service is being introduced by HSBC. The bank earlier used a token device for authorising fund transfers.
HSBC China executive vice president and head of retail banking and wealth management Richard Li said: “We believe there is a huge growth opportunity, stemming from Chinese consumers’ enthusiasm for new technology. Investing in digital banking is one of our priorities to ensure we continue to provide the services people want and expect from us.”
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By GlobalData
